Cirtek hikes profit by 45%, sets 6 new product rollouts

MANILA, Philippines - Laguna-based semiconductor firm Cirtek Holdings Philippines Corp. plans to introduce to the market at least six new products this year  following a profitable 2014 in which earnings grew by almost half.

Cirtek posted a net income of $6.8 million, up 45 percent from $4.7 million in 2013 behind higher sales and improved profit margin.

Revenues likewise jumped 18 percent to $52 million last year from $43.9 million in 2013.

“Year on year, Cirtek continues to register record growth in both top-line and bottom-line. We expect to sustain, and accelerate, this growth track by continuing to deliver value to our customers in terms of quality, cycle time, process technology and price points, and focusing on growth markets and key industry trends,” said Cirtek chairman and chief executive officer Jerry Liu.

 For this year, Cirtek said it intends to further expand its current customer base through more product introduction.

 Cirtek said it plans to introduce at least six new products this year under the company’s semiconductor business, while another six new product introduction is being slated within the first half of the year under its RF, microwave, and millimeterwave business under Cirtek Advanced Technology and Solutions Inc.

 Last year, the company’s semiconductor business (CEC) successfully introduced new packages, including plastic power hybrid packages used for industrial and transport applications, as well as high efficiency and high power transistors used for cellular infrastructure, two-way communication, and CATV amplifier.

 Aside from new offerings, the semiconductor firm said it is also keeping its eyes open for acquisition opportunities of companies with high-end research and development capabilities.

 The company is fresh from a $12-million acquisition of an integrated technology products company in July last year.

 Cirtek, through wholly-owned subsidiary Cirtek Electronics International Corp., entered into a share purchase deal with Remec Broadband Wireless Holdings Inc. to acquire the latter’s 100-percent stake in Remec Broadband Wireless International Inc.

 Cirtek also raised $10 million last December from the issuance of corporate notes to Metropolitan Bank and Trust Co., proceeds of which would be used to fund  the company’s expansion of its product and technology portfolio.

 “The company expects to continue to outperform the broad industry in terms of growth rate,” Cirtek said.